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#2194628 - 10/03/18 09:52 PM Appraisal Notice at Closing
Comply Offline
Junior Member
Joined: Jul 2015
Posts: 33
Is the following disclosure required to be in a real estate package? This would be provided at loan closing, not the Notice required within 3 days of an application.

You are entitled to receive a copy of an appraisal report that was obtained on your behalf.

By signing you acknowledge either 1) receipt of the appraisal report within 3 business days prior to opening your account OR 2) you waived your right to review....

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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#2194630 - 10/03/18 10:14 PM Re: Appraisal Notice at Closing Comply
burke116 Offline
Platinum Poster
Joined: Jun 2014
Posts: 562
Petersburg, VA
That sounds like a CYA document to show compliance with the appraisal delivery requirement. It's not a required form. Make sure it's not an investor requirement and you're comfortable defending your appraisal delivery process before throwing that it out though.

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#2195014 - 10/09/18 07:03 PM Re: Appraisal Notice at Closing Comply
ComplyCycle Offline
Gold Star
ComplyCycle
Joined: Dec 2014
Posts: 454
That document - the waiver portion in particular - would only be required in instances where the appraisal was not provided at least three business days prior to loan closing or account opening.

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#2195016 - 10/09/18 07:04 PM Re: Appraisal Notice at Closing Comply
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 9,088
OK
Be careful also if you use the document that it's an either/or......when the Acknowledgment and the Waiver are on the same form, people have been known to just slap it in front of the borrower and get them to sign in both places, and that's very much contradictory.
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